Property News - Cardiff's David Morgan store is sold for £30m

A joint venture between Helical Bar and Legal & General has bought Cardiff's David Morgan department store from the controlling Morgan family for£30 million. The store, which has been trading for 124 years, is expected to close early in 2005.

The site, between The Hayes and St Mary's Street, comprises a 170,000 sq ft (15,800 sq m) store with a further 65,000 sq ft (6,000 sq m) of individual retail units in the Morgan and Royal Arcades. The new owners plan to break the shop up into three or four substantial units, while refurbishing the arcades.

With a new 250,000 sq ft (22,500 sq m) John Lewis store planned as part of the St David's centre extension, the developers believe The Hayes will emerge as the city's new prime pitch.

Churston Heard represented the purchasers. Stephenson & Alexander the vendor.